Hungarian energy efficiency company E-Star Alternative generated consolidated revenue of HUF 6.29bn in the first quarter, up fivefold from consolidated revenue of HUF 1.22bn in Q1 of 2010 as a result of the company's acquisition of Cyprus-based energy company EETEK, E-Star announced in its consolidated first-quarter IFRS report.
E-Star, which was known as RFV until early March, acquired the EETEK Group for EUR 21m on May 16 in order to facilitate the company's entry into the Polish market. E-Star said that the transaction, which was to be closed by May 31, 2011, would double the size of the company, boosting revenue by EUR 40m (HUF 10.7bn). According to the purchase agreement, E-Star assumed the benefits of EETEK's business activity retroactively beginning on January 1, 2011.
E-Star posted consolidated after-tax profit of HUF 2.03bn, compared to after-tax profit of HUF 247.3m in Q1 of 2010.
The company, which is currently active in Hungary, Romania and Poland, aims to expand its operations to two other countries in the central and eastern European region by 2015.
E-Star noted that its Romanian units generate 16% of the company's consolidated revenue.
Trading in the A-category at the Budapest Stock Exchange, E-Star floated its shares at the Warsaw Stock Exchange on March 22, 2011. (HUF 100 = €0.3748)